By Timothy Lane, Nina Oding, Paul J.J. Welfens
Russia and lots of different transition nations at the moment are dealing with the demanding situations of establishing up, restructuring, and modernizing their economies, which calls for addressing a number of institutional weaknesses and supply-side distortions. The papers during this assortment research those matters either in Russia and from a local viewpoint, drawing at the event of different reforming international locations. facets addressed comprise the consequences of alternate and capital flows, the method of work marketplace reform, monetary industry improvement, productiveness progress, and innovation dynamics. The dynamics of the reform procedure also are studied within the context of recent political economic system types.
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Additional resources for Real and Financial Economic Dynamics in Russia and Eastern Europe
Fiscal Balance --- Current Account ! Fig. Bl. Fiscal Deficit and Current Account in 1996-2000 (Billion US Dollars) To some extent Russia was lucky in 1999-2000 as high oil prices resulted in additional fiscal revenues that could help the authorities run the budget almost without foreign borrowing. At the same time Russia fulfilled most of its foreign debt obligations. Despite substantial debt payments in 1999 and early 2000 international reserves remained stable in 1999 and increased more than twice in January-October 2000 reaching the highest level since the beginning of transition.
4 percent relative to De, Despite that in 2000 the Russian government released rather liberal long-term economic strategy. 1 percent only. 5 percent) inflation potential may be growing. This means that growth may slow down if no substantial cost reduction and increase in production efficiency occur. Really, as was said, all positive trends in 1999 and in early 2000 were accompanied by little visible structural transformation. As a result deterioration in the real sector may complicate fiscal performance and debt service respectively.
The country needs institutional reform in order to realize the potential for growth within the market system. A market economy is not possible without banks and capital markets. The restructuring of the banking system and creation of a system of successfully operating banks, which would truly perform the role of intermediaries between savings and investments, must be carried out at an accelerated pace, and this effort needs to be started immediately. If the restructuring of the banking system and development of the government securities market serves the redistribution of financial resources, the functioning of the corporate securities market also serves the redistribution of property - from one owner to another, more effectively.
Real and Financial Economic Dynamics in Russia and Eastern Europe by Timothy Lane, Nina Oding, Paul J.J. Welfens